Full Year Results For the year ended 29 August 2020
23 November 2020
"A robust performance in a year of significant challenge"
Carr's (CARR.L), the Agriculture and Engineering Group, announces its results For the year ended 29 August 2019.
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Financial highlights
| Adjusted1 | FY 20 | FY 19 | +/- |
|---|---|---|---|
| Revenue (£m) | 395.6 | 403.9 | -2.0% |
| Adjusted1 operating profit (£m) | 16.2 | 18.9 | -14.2% |
| Adjusted1 profit before tax (£m) | 14.9 | 18.0 | -17.4% |
| Adjusted1 EPS (p) | 11.9 | 14.6 | -18.5% |
| Statutory | FY 20 | FY 19 | +/- |
| Revenue (£m) | 395.6 | 403.9 | -2.0% |
| Operating profit (£m) | 13.8 | 17.2 | -19.5% |
| Profit before tax (£m) | 12.5 | 16.3 | -23.4% |
| Basic EPS (p) | 10.3 | 13.1 | -21.4% |
| Dividend (p per share) | 4.75 | 4.75 | - |
| Net debt2 (£m) | 18.9 | 20.9 | -9.6% |
Commercial Highlights
- Robust performance in challenging circumstances, slightly exceeding revised Board expectations, demonstrating the benefit of the Group’s diversity
- Difficult H1 in UK Agriculture largely mitigated by strong H2, with increased deliveries and a collection model adopted to maintain supplies to farmers throughout COVID-19 lockdown
- International growth in Supplements and launch of new products
- Engineering impacted by project delays, restricted access to customer sites owing to COVID-19, and weakened oil price
- Establishment of Global Robotics showrooms in Japan and USA
- Strong cash and net debt position
Peter Page, Chairman, commented:
“In difficult market conditions the Group delivered a robust financial performance, with full year profitability slightly ahead of the Board’s revised expectations. Across both divisions, the Group responded well to managing the challenges
arising from the COVID-19 pandemic.
“The global economy has been dominated by COVID-19, creating uncertainty and making forecasts difficult. Nevertheless, the Group is well positioned as the agriculture sector remains crucial in supplying raw materials and ingredients to the food
chain, and our engineering businesses are predominantly involved in government funded contracts in the nuclear sector.
“Trading in the new financial year has started in line with the Board’s expectations. Whilst uncertainties remain in the broader economic environment, the Board is confident about the prospects of our business in the medium term.”
1 Adjusted results are consistent with how business performance is measured internally and are presented to aid comparability of performance. Adjusting items are disclosed in note 3
2 Excluding leases. Further details of net debt can be found in note 8
Enquiries:
| Carr's Group plc Tim Davies (Chief Executive) Neil Austin (Group Finance Director) | Tel: +44 (0) 1228 554 600 |
| Powerscourt Nick Dibden / Lisa Kavanagh / Sam Austrums | Tel: +44 (0) 20 7250 1446 |
About Carr's Group plc:
Carr's is an international leader in manufacturing value added products and solutions, with market leading brands and robust market positions in Agriculture and Engineering, supplying customers in over 50 countries around the world.
Its Agriculture division manufactures and supplies feed blocks and supplementation products for livestock, distributes farm machinery and runs a UK network of rural stores, providing a one-stop shop for the farming community. Its Engineering division designs and manufactures bespoke equipment and provides technical engineering services into the nuclear, petrochemical, oil and gas, pharmaceutical, process and renewable energy industries, including robotic and remote handling equipment.